Masters in Economics in USA: Top Universities, Requirements, Jobs
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Studying a Master’s in Economics in USA is the second most opted course after an MBA in the USA. The master’s course in Economics is also offered as a STEM course in the USA, usually termed an MS or MSc in Economics. Thousands of international students pursue a masters in US universities after graduation and Business and Economics plus STEM-related subjects are usually preferred.
Since the Economics course at the PG level is considered a STEM course, the applicants will get the benefit of staying back options in the USA. All major details about US universities offering Master's in Economics have been discussed in detail in the article below. Applicants looking at studying in USA and pursue the Masters in Economics course can find all related details in this article.
Master’s in Economics in USA Highlights
| Universities offering Master’s in Economics |
130+ |
| Types of Economics Courses |
MA, MS and MSc |
| Popular Dual Degree Options |
Business Economics + MBA & Economics |
| Duration of Course |
1 - 2 years |
| Average Annual Tuition Fee |
USD 30,000 - USD 120,000 |
| Popular Job Roles |
Analyst, Economist, Investment Banker, etc. |
| Admission Requirements |
Bachelor’s degree + GRE/GMAT + ELP scores |
| Scholarships |
Available |
| Top Employers |
Apple, EY, Goldman Sachs, BCG, and others |
| Highest Compensation Offered |
USD 214,182 |
Best Universities for Masters in Economics in USA
As per US News & World Report for the category ‘Best Economics Schools’ rankings for the year 2024 have been released. The rankings are as follows for only US universities offering Economics courses:
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| Economics Schools in the USA |
US News & World Report -‘Best Economics Schools’ Rankings 2024 |
|---|---|
| #1 |
|
| #2 |
|
| #3 |
|
| #4 |
|
| #5 |
|
| #6 |
|
| #7 |
|
| #13 |
|
| #14 |
|
| #18 |
A majority of Ivy League schools rank and offer the renowned Masters in Economics in USA to students. Applicants must note, that the rankings are dynamic and can change annually. Thus, those relying on rankings to pursue Masters in Economics in USA should check for recent ranking data and then shortlist universities for application.
Pursuing Master’s in Economics in USA
There are several reasons to pursue a master's in economics in the USA, be it for networking, good job opportunities or even better remuneration. Following is a list of reasons to consider if wish to pursue a Master’s in Economics in the USA:
- There are different types of Economics to pursue like - MA or MS or MSc or even a specialization of MBA in the USA or Applied Economics too.
- US universities like Johns Hopkins University offer Master’s in Economics in these areas of specialization too like Environmental economics, Financial economics, Health economics, International economics and development, Spatial economics and Public policy. Any one of these can be opted by applicants.
- If the Master’s in Economics in the USA is offered under STEM education, then applicants can opt for STEM OPT extension available for F-1 visa holders in the USA.
- Applicants can look for various lucrative job opportunities after completing their master’s in Economics from the USA and can earn anywhere between USD 79,000 to USD 114,000 per annum.
- Also, Economics postgraduates in the USA can get an opportunity to work with leading technological companies and also look forward to working with financial services offering companies as well.
Apart from all the above-enlisted reasons, one major reason to pursue a Master’s in Economics in the USA is because the USA is one of the biggest economies in the world and there are ample opportunities for bright minds in the US itself.
Masters in Economics Course Structure in USA
Masters in Economics in USA is an amalgamation of core topics and some of the specialised courses of study. Some of the core subjects that have to be mandatorily taken up while pursuing Masters in Economics are as follows:
- Microeconomic Theory: Covers concepts like consumer and producer behaviour, market structures, and game theory.
- Macroeconomic Theory: Includes economic growth, inflation, unemployment, and monetary policy.
- Econometrics: Focuses on statistical methods used to analyze economic data and test hypotheses.
- Mathematics for Economists: Provides a strong foundation in calculus, linear algebra, and other mathematical tools essential for economic analysis.
The core courses may vary from university to university in USA, thus, applicants will have no other option but to study these core courses. But applicants will have an option to choose their preferred specialisation while taking up Masters in Economics in USA.
Masters in Economics in USA Specializations
Some of the popular Masters in Economics in USA specialisations are as follows:
- Financial Economics
- International Economics
- Labour Economics
- Environmental Economics
- Health Economics
- Public Economics
- Behavioural Economics
- Econometrics
Apart from these, there can be other specialisations as well like - Game Theory, Industrial Organization, Urban Economics, Computational Economics and others.
Masters in Economics in USA Requirements
Those applying for a master’s in Economics as international students will have to fulfil the following requirements:
- Transcripts and mark sheets if needed
- GPA of 3.0 or above on a 4.0 point scale in bachelor’s degree
- GRE or GMAT scores if required by the university in question
- ELP scores of either - TOEFL / Duolingo / IELTS
- Academic essays
- Statement of purpose (SOP)
- 2-3 letters of recommendation if required at the university
- A completed application form with the requisite fee
Please note, that the application process for admissions to Master’s in Economics courses may vary per university and the departments offering these courses.
Masters in Economics in USA Without GRE
There are a couple of US universities offering Master’s in Economics which do not require GRE scores. These universities are as follows:
- MIT
- University of Wisconsin - Madison
- Ohio University
- DePaul University
- Southern Methodist University (if GPA is above 3.0)
- California State University - LA
There may be other universities as well that offer MS in the USA without GRE scores, but there may be a few that will waive the GRE for those who have met a certain GPA score or completed certain credits and may not be universally available for all students at large. Also, check out the top universities in the USA without the GRE.
Salaries for Master’s in Economics Grads in the US
For those who wish to make a career after pursuing a Master’s in Economics from the USA can go for the following job roles with their corresponding median wages:
| Popular Job Roles after MA/MS in Economics in the USA |
Median Wages for Master’s in Economics in US Grads |
|---|---|
| Economists |
USD 114,262 |
| Data Scientists |
USD 102,805 |
| Statisticians |
USD 98,189 |
| Financial & Investment Analysts |
USD 94,605 |
| Operations Research Analysts |
USD 85,701 |
| Budget Analysts |
USD 82,264 |
| Postsecondary Economics Teachers |
USD 79,219 |
| Financial Quantitative Analysts |
USD 73,473 |
(Source: Light cast)
Apart from the above-given job roles, a few job sectors can be considered after an MA in Economics in the USA, like:
- Banking & Finance
- Insurance
- Data Analytics
- Forecasting
- Labor Arbitration
- Higher Education and Research
- Regulation
- Urban and Regional Planning
Top Employers for Master’s in Economics in the USA
Some of the most popular employers that have visited the US universities to employ graduates of Master’s in Economics have been tabulated below:
| Top Employers for Master’s in Economics in USA |
|||
|---|---|---|---|
| Apple |
Deloitte |
|
IBM |
| Boston Consulting Group (BCG) |
HSBC |
PayPal |
EY |
| Time Magazine |
AIG |
American Express |
PwC |
| Bloomberg Communications |
McKinsey & Company |
Amazon |
Oxford Economics |
| Credit Suisse |
Morgan Stanley |
Deutsche Bank |
Goldman Sachs |
| The World Bank |
Huawei |
IMF |
BlackRock |
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Q: What GPA is needed to go to Ohio State?
Q: Is it hard to get into the UTSA in San Antonio Texas?
According to various sources, University of Texas San Antonio has an overall acceptance rate of around 87% which makes it somewhat selective for international student admissions. Some of the general requirements to be considered for admission are given as follows:
- SAT/ACT scores
- Overall Student's GPA
- Letters of Recommendation
- High School Class Rank
- Additional Academic Records
Q: How much is the application fee for Alabama University?
The Alabama University application fee for International students vary by application type. Mentioned below are the application fee for UG and PG applications at Alabama:
- UG: USD 40 or INR 3,342.14
- MBA: USD 80 or INR 6,684.28
Q: What GPA do I need to get into Northwest Missouri state?
Northwest Missouri State University expects a cumulative GPA of 2 for UG programs and 3 for PG programs on a scale of 4. GPA is one of the top factors when considering students for university admissions. Along with GPA, the university expects a student to provide high school transcripts from previously attended university or school, standardized test scores, English language proficiency test scores, and more. In addition, students with relevant experience in the chosen field are preferred over the studious students.
Q: Is MIT costly for Indians?
MIT is not costly for Indian students. Applicants can study BTech program at affordable tuition fees as compared to other BTech colleges in the USA. The MIT BTech fees is around INR 50 L to INR 52 L.
Q: Is Texas A&M Commerce a good university?
Texas A&M Commerce is regarded as one of the top public universities across the United States. Moreover, the Texas A&M Commerce ranking 2024 under the category of Best Colleges is National Universities is #369. Also, the acceptance rate of this university is 42%. Additionally, the university offers the best academic programs, expert faculty, job & placement, and more. Besides, Texas A&M University-Commerce also offers over 130 academic degrees for its students.
Q: What is the maximum and minimum score in GRE to get admission for MS in USA?
GRE is a popular standardised test for getting admission in MS program in the world. However, there are many universities in the USA that offer admission to MS courses without GRE scores. There is fixed minimum or maximum GRE score for admission. However, even if your GRE score is below the average for a particular program, you may still be considered for admission if you have strong qualifications in other areas. It is adviseble to check university website for the exact information.
Q: What GPA do you need to get into Iowa State?
International students who wish to study at Iowa State must have at least GPA of 3.0 on a scale of 4.0 for UG and PG admission. International transfer applicants must have a minimum equivalent GPA of C+ on a scale of A to F or 2.25 on a 4.0 scale for all transferable courses.
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There is no minimum GPA score for UG admission at Ohio State. However, International students must have a cumulative GPA of at least 3.0 (on a 4.0 scale or equivalent) for graduate admission. Applicants may submit a standardized test score (GRE or GMAT) if their cumulative GPA is below 3.0 for the last degree.